For every disposal (sell, swap, spend or gift)
For tokens you receive as income
Supporting evidence
When you report
Why your own records matter
HMRC says you must keep your own records of cryptoasset transactions, because the reports exchanges give you won't keep track of your pooled costs. Pooled cost is what decides your gain each time you dispose of tokens, so a missing purchase changes every gain after it. HMRC will ask for these records in a compliance check.
Income and gains are separate
Tokens from employment count as money's worth, so Income Tax and National Insurance apply. Tokens from mining, staking or lending are income too, and if you aren't trading they're taxed as other income. Keep those records separately from your disposals, with every value in pounds sterling.
Related
What else will you need?
- SA108SA108 capital gains pagesSA108 is the capital gains summary in the Self Assessment return.
- TemplateCrypto transaction logA crypto transaction log records every time you acquire or dispose of tokens, in pounds, with the tokens held and the pooled cost before and after each disposal.Excel
- TemplateShare pool CGT worksheetWhen you buy shares of the same type in a company at different times, HMRC pools them in a Section 104 holding at their average cost.Excel
- SA100SA100 tax returnThe SA100 is HMRC's main Self Assessment tax return.
Rather we did it?
Countify can handle this for you, for a fixed fee agreed upfront.
Questions
Frequently asked questions.
Is the exchange's tax report enough?
No. HMRC says exchange reports won't track your pooled costs, so you need your own record of every transaction across every exchange and wallet.
Is swapping one token for another a disposal?
Yes. Exchanging one cryptoasset for another is a disposal for Capital Gains Tax, so record it in pounds sterling like a sale.
Are staking rewards taxed?
Tokens from staking, mining or lending count as income. Record their value in pounds when you receive them, separately from your disposals.
How do I report crypto gains?
On your Self Assessment return, which has a cryptoasset section, or through the real-time Capital Gains Tax service. Earlier unpaid tax goes through the Cryptoasset Disclosure Service.
Checked against GOV.UK on · Reviewed by Kamran Ishaq FCCA, Founder & CEO, on .
Sources: Check if you need to pay tax when you sell cryptoassets (opens in a new tab) (HM Revenue & Customs); Check if you need to pay tax when you receive cryptoassets (opens in a new tab) (HM Revenue & Customs); HMRC Cryptoassets Manual (opens in a new tab) (HM Revenue & Customs); Capital Gains Tax: reporting and paying (opens in a new tab) (HM Revenue & Customs).